As well as making money, businesses have social responsibilities. Do you agree or disagree?

Profitability has been long considered as a crucial factor that channelize business success.
However
, the increasing awareness and rapidly changing markets have made the companies realize that
besides
earning money they have to undertake an active and constructive responsibility towards the sustainable development of society. I vehemently espouse that
in addition
to profits, corporations should expend considerable efforts for the betterment of society at large.
To begin
with, it is a commonly accepted notion that moneymaking approaches are essential for ensuring financial viability and success. Without the provision of adequate financial resources, the corporation will not be in a position to meet their day-to-day expenses,
such
as payment of wages, rents etc.
This
in turn will create a negative resource loss spiral by hampering their prospects to undertake substantial strategic activities,
such
as investment of funds for the expansion and growth.
For instance
: In 2012, Kingfisher Airlines were forced to curtail their operations following a massive cash crunch and non-payment of dues to various authorities, which in turn
further
escalates into revocation of their licence to operate in domestic and international markets.
However
, apart from making money, companies
also
need to bolster their social responsibilities.
For example
: In 2014, the Indian government has amended its Company Act by making it mandatory for business units with certain turnover and income to spend minimum of 2 % of their past three years average net profits on the welfare activities like poverty, women empowerment, health, gender equality etc.
Therefore
, in the wake of rapid climatic changes, corporations should spend a portion of their income for ensuring environmental sustainability by encouraging practices like recycling of industrial waste and plantation of trees in the vicinity of factory premises to counter the detrimental effects of their activities on the environment.
Moreover
, they can
also
disburse their funds to sponsor various charitable institutions in their efforts to help the underprivileged members of the society. Taking cognizance of
this
, Tata group, which is one of the leading multinational company, has always been the forefront of the CSR (corporate social responsibility) initiatives in India. In 2016, the Tata group emerged as the leading CSR spending group in the country. To recapitulate, while prosperous and successful businesses are required for boosting the financial strength of a company,
however
the value of partaking in social welfare should not be ignored.
Submitted by Neetu on

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Include an introduction and conclusion

A conclusion is essential for IELTS writing task 2. It is more important than most people realise. You will be penalised for missing a conclusion in your IELTS essay.

The easiest paragraph to write in an essay is the conclusion paragraph. This is because the paragraph mostly contains information that has already been presented in the essay – it is just the repetition of some information written in the introduction paragraph and supporting paragraphs.

The conclusion paragraph only has 3 sentences:

  • Summary
  • Restatement of thesis
  • Prediction or recommendation

Example:

To summarize, a robotic teacher does not have the necessary disciple to properly give instructions to students and actually works to retard the ability of a student to comprehend new lessons. Therefore, it is clear that the idea of running a classroom completely by a machine cannot be supported. After thorough analysis on this subject, it is predicted that the adverse effects of the debate over technology-driven teaching will always be greater than the positive effects, and because of this, classroom teachers will never be substituted for technology.

Start your conclusion with a linking phrase. Here are some examples:

  • In conclusion
  • To conclude
  • To summarize
  • Finally
  • In a nutshell
  • In general

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Topic Vocabulary:
  • Social responsibilities
  • Corporate social responsibility
  • Ethical behavior
  • Societal impact
  • Stakeholders
  • Profit-driven
  • Public perception
  • Environmental sustainability
  • Community development
  • Human rights
  • Workplace safety
  • Altruism
  • Balanced approach
  • Accountability
  • Consumer loyalty
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